CC Resolution 12344RESOLUTION NO. 12344
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
DETERMINING THAT THE PUBLIC INTEREST AND NECESSITY
DEMAND THE ACQUISITION, CONSTRUCTION AND IMPROVEMENT OF
MUNICIPAL IMPROVEMENT PROJECTS, AND THEIR FINANCING
THROUGH THE ISSUANCE OF GENERAL OBLIGATION BONDS
WHEREAS, the City of Campbell (the "City") is authorized to issue general
obligation bonds to, finance municipal improvements pursuant to certain provisions of the
California Government Code, including Article 1, commencing with Section 43600, of
Chapter 4 of Division 4 of Title 4 and Article 4.5, commencing with Section 53506, of
Chapter 3 of Part 1 of Division 2 of Title 5 (collectively, the "Bond Law"); and
WHEREAS, the City intends to issue its general obligation bonds (the "Bonds")
under and pursuant to the Bond Law to finance the cost of the acquisition, construction
and improvement . of certain property to be used for municipal purposes (the
"Improvements"); and
WHEREAS, in order to initiate proceedings under the Bond Law to provide for
the issuance of general obligation bonds, the City Council of the City (the "City Council")
must make certain findings and determinations;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CAMPBELL AS FOLLOWS:
Section 1. Declaration of Necessity to Issue Bonds. The public interest and
necessity demand, and it is the intention of the City Council to require, the acquisition
construction and improvement of the Improvements, and to issue the Bonds to finance
the cost thereof, subject to completion of the proceedings required by the Bond Law.
Section 2. Findings. The City Council hereby finds and determines that the
estimated costs of the Improvements will require an expenditure by the City greater than
the amount allowed for it by the annual tax levy of the City. The principal amount of the
Bonds will not exceed the estimated cost of the Improvements.
Section 3. Issuance of the Bonds. This Resolution is adopted, and the Bonds,
if approved by two-thirds of all qualified voters voting on the issuance of the Bonds, are
to be issued pursuant to the Bond Law.
Section 4. Effective Date. This Resolution shall take effect upon its adoption
by two-thirds of all members of the City Council.
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PASSED AND ADOPTED this 17th day of July, 2018, by the following roll call
vote:
AYES: Councilmembers: Gibbons, Landry, Cristina, Waterman
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: Resnikoff
APPROVED:
~'/ P
~ Rich Waterman, Vice Mayor
ATTEST:
.~
W ,fir dy Wood, City Clerk
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